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Canada’s per capita GDP has continued to decline as the economy grows more slowly than the population, RBC reported in its latest macroeconomic outlook. The report said per-capita output is running three per cent below 2019 levels and is little changed from a decade ago.
When the state of the economy is uncertain, companies may reconsider their investments to protect themselves from what the future holds. What does this mean for their ESG investments?
When asked whether the economy has impacted their company’s commitment to ESG, representatives from Fiera Real Estate, Slate Asset Management and Colliers agreed: No, it hasn’t.
While each company is doing its due diligence, they all continue to “hold the line” on their investments, recognizing the business case for making the built environment more sustainable remains strong.
In this episode of CRE Talks, host Tonya Lagrasta, head of ESG, real estate management services, Colliers Canada is joined by John Duda, president, real estate management services, Colliers Canada; Jag Singh, director, sustainable investing, Fiera Real Estate; and Bożena Jankowska, managing director and global head of ESG, Slate Asset Management.
The conversation focuses on the crucial role of ESG in driving business resilience and long-term success, while also highlighting the challenges of balancing competing interests in sustainable investing, including those of lenders, insurers, investors and tenants.
This episode’s guests also discuss using a data-driven decision-making process to make the right calls when it comes to making Canada's built environment more sustainable.
The highlights include:
- More than 35 million square feet of Colliers' managed portfolio is currently certified to one or more ESG building performance and/or occupant experience standards. This is a 30 per cent increase compared to last year.
- There is risk in abandoning ESG commitments, particularly as legislative and corporate requirements expand. While important decisions need to be made around how to move forward and which specific ESG elements to prioritize and when, it's essential to not turn our backs on the progress achieved so far.
- The insurance industry needs to accelerate its adaptation to the reality of ESG commitments today. In some cases, companies are spending millions on ESG resiliency measures, only to find that it is having no helpful impact on reducing their insurance premiums.
- People want more green spaces, as teams like Colliers Real Estate Management Services are routinely hearing from clients, tenants and the public. That's why the next big thing for real estate will be nature and biodiversity projects threaded into our buildings and cities.
- We must recognize that KPIs for the “E,” “S” and “G” components of ESG will differ. The ESG investments being made today have value beyond the financial win, and it's important to shine a light on that.
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